3/29/2024 0 Comments Quicken refinance rates![]() It’s an interest-saving option if you’ve got the cash to do it because this type of loan can offer a lower mortgage rate, shorter repayment term or both. You’ll bring cash to the closing table to pay down your loan balance with this type of mortgage refinance. This is less common than rate-and-term refinance or cash-out refinance. For a cash-out refinance, keep in mind that you must have enough equity built up in your home to take cash out against it. It gives you cash at closing, which is added to your mortgage balance. This alternative to a home equity loan can offer a change of interest rate and other terms, but you’ll increase your balance. For example, you could refinance a 30-year adjustable-rate mortgage to a 15-year fixed-rate loan. You should get a lower interest rate, and you can switch from an adjustable-rate loan to a fixed-rate loan, or vice versa. You’ll take the balance of your original mortgage and borrow at a different rate and terms. This is the most common type of mortgage refinancing.
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